COVID-19 Bulletin: July 9

Good Afternoon,

Supply

Oil prices were down in mid-day trading today, with the WTI crude price off 2.9% at $38.73/bbl and Brent 1.9% lower at $42.47/bbl.
Gasoline consumption is flagging in COVID-19 hot spots around the country, threatening to disrupt the oil recovery.
With crude prices up from historic lows, Canada has restored about 20% of idled production.
Biofuels have lagged other alternative energy sources due to their high investment costs, vulnerability to fossil fuel price swings and inconsistent government policy.

Supply Chain

Trucking giant YRC Worldwide received a three-and-a-half-year reprieve on some of its debt from lenders as it negotiates a $700 million federal bailout package.
Our Gold Standard logistics and transportation partners continue to operate without disruption.
Ports are operating normally:

Markets

Another 1.3 million people filed first-time unemployment claims last week, slightly lower than expected.
The U.S. budget deficit in June hit $863 billion, nearly as much as the entire deficit for fiscal 2019. The budget gap for the first nine months of 2020 was $2.7 trillion.
The U.S. recorded more than 62,000 COVID-19 infections yesterday, a daily record for the second day in a row. 
Twenty-six state legislators in Mississippi, one sixth of the legislature, have tested positive for COVID-19, shutting down the state house.
Texas recorded 98 COVID-19 fatalities yesterday, a daily record.
Arizona and West Virginia delayed reopening schools for the 2020-2021 school year, despite federal government pressure for all schools to reopen on time.
The national spike in COVID-19 infections is overwhelming testing capabilities, stranding some with hours-long waits to get tests and delays of a week or longer to get results.
After a political stalemate on further economic stimulus, consensus is building in Washington for a fourth round of federal aid as prior stimulus programs expire.
The Federal Reserve’s Main Street Lending Program aimed at midsized businesses is getting unenthusiastic support from banks, with major banks most noticeably hesitant.
Automaker Daimler said that further cost cuts are on the way and telegraphed that second-quarter sales will be down significantly when it reports on July 23, despite strong sales in China.
The pandemic is forcing changes in climate control systems for buildings, with equipment makers adding filtering, increasing outside air intake and deploying UV light to sanitize the air.
Brooks Brothers filed for bankruptcy, and Bed Bath & Beyond announced the closure of 200 stores, the latest iconic retailers to be hobbled by the pandemic.
At least 110 companies have filed for bankruptcy since March, citing the pandemic as the catalyst.
With the airline industry in distress, Dallas-Fort Worth International has emerged as the world’s busiest airport, even though it’s running at only half capacity.
Plastics Industry Association President & CEO Tony Radoszewski testified to Congress this week about the important role of plastics during the pandemic.
COVID-19 cases globally topped 12 million today, a doubling in the past six weeks.

International

The U.K. will initiate a second round of economic stimulus with a $38 billion spending package. 
Hong Kong and Tokyo experienced record COVID-19 infections yesterday, raising concerns about further flare-ups in Asia.
Brazil and other Latin American countries are launching investigations of dozens of officials for corruption in attempting to siphon funds intended to fight the COVID-19 crisis.

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